Democrat President Joe Biden’s student debt cancellation plan will cost the average taxpayer more than $2,000, according to a new report from the nonpartisan National Taxpayers Union Foundation. The report cited an analysis from the University of Pennsylvania’s Wharton School which found that Biden’s plan will cost around $330 billion, and the vast majority of the debt forgiven would benefit Americans in higher income quintiles. “Based on projections from the Penn Wharton Budget Model for the total cost of such cancellation, we estimate President Biden’s plan would cost the average taxpayer over $2,000,” the report said. “Some may dispute that taxpayers

As inflation remains near record high levels, President Biden unveiled a plan on Wednesday to cancel $10,000 in student loan debt for borrowers making less than $125,000 per year. According to a press release from the White House, the “Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples).” The Biden administration is additionally extending the pause on